Tax Rules: Final: 5703-3
5703-3-14 -
Designation of person to make return of leased
property
Pursuant to provisions of Sections 5711.01 and 5711.05,
Revised Code, the Tax Commissioner hereby sets forth the
manner in which tangible personal property which is the
subject of a lease agreement and is located and used in
business in this State shall be listed and assessed for
taxation.
For purposes of personal property taxation in Ohio, it shall
be the duty of the lessor of any tangible personal property
located and used in business in this State to make return of
all such property when the lessee is not obligated to
purchase the property in question. If the lessee is obligated
to purchase the property, the lessee shall be deemed to be
the owner of such property and shall make return of such
property.
In the event that the lessor must, by requirements of this
rule, return the property for taxation, it shall be the duty
of the lessee to exhibit in his return the following
information concerning such property: (A) the name and
address of the lessor, (B) a description of such leased
property and the use to which it is put, and (C) the gross
annual rental for such leased property.
Effective: 10-11-76 as TX-41-13
Promulgated under: 5703.14
Authorized by: 5703.05
Prior effective dates: 11-18-57